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Construction Law

: The South Carolina Construction Law Blog

Small Business Jobs Act of 2010

By Ryan McCabe

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On September 27, 2010 President Obama signed H.R. 5297, the Small Business Jobs Act of 2010 into law.  This legislation will establish a $30 billion dollar small-business lending fund and provide $12 billion in small-businss tax incentives.  Through these and other directives,  it is expected to create hundreds of thousands of jobs.
Of particular interest to the construction industry are the provisions relating to contract bidding.  Prime contractors will be required to honor their initial bid list or submit documentation to federal contract officers justifying a change. The Act will establish stricter federal contract bundling requirements, allow small businesses to team up in competing for federal contracts, and require the prompt payment of subcontractors. All federal restricted competition contracting programs will be placed on equal footing when competing for government contracts. 

Many are hailing the Small Business Jobs Act as a victory for small businesses, but others are skeptical of another "bailout." You can form your own opinion of the Act by clicking the link above.

This site and any information contained herein is for informational purposes only and is not to be construed as legal advice. Seek a competent attorney for advice on any legal matter.

Full post as published by The South Carolina Construction Law Blog on October 28, 2010 (boomark / email).

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